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One percent

What to advise the young?

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Following on from @Frank Hovis thread about debt, I thought it might be helpful to consider how to advise the young.  

My two, early 20s with good starter jobs, are paying into a pension through work (one civil service I think, the other a private work pension).

my rational side wants me to tell them not to bother, they will never be able to retire.  However, this goes against the emotional side whereby I was always told to save hard for the future. 

Same with houses.  I’m telling them to save and wait for prices to drop. xD

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I think the most important thing is to be clear how they want their life to pan out.

When I was 25 I was saving like mad because I intended to move to a much lower paid career at 30* so it would make a real difference to me.  A mate who intended staying in finance and perfectly reasonably assumed his salary would keep increasing was going on fantastic holidays which he had to fund by borrowing which he was confident he would readily repay when his salary went up.

Looking back we were both right but had very different expectations.

* I did indeed do this, but after two years went back to finance as when I was no longer doing it I realised that I actually liked it but that had been obscured by my thinking that it was just a means to an end.

 

My basic financial rules have remained the same for ages:

Governments like inflation so long term you will always lose with cash - buy equities or anything else whose value is not reduced by inflation

Look at how you can avoid tax.  This is very much a penny saved is a penny earned.

Try not to think of a house as a financial vehicle but as your home. If you can afford to buy somewhere you would want to live for many years then do so; it will improve your life.

 

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1 minute ago, Frank Hovis said:

I am the token non-Yorkie on here.

Of course you are Frank. Do not deny it! Everyone here is autistic, and from Yorkshire.

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Get yourself a public sector job. Once you have been in it for X years claim that someone put their hand on your fanny/meat & two veg or go into work one morning dressed as leather-clad dominatrix or a rubber-clad gimp. Come out a trans dolphin. Demand the right to pray 3 times a day to your crab people religious icons.

When you get sanctioned for it sue them.

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11 minutes ago, One percent said:

Following on from @Frank Hovis thread about debt, I thought it might be helpful to consider how to advise the young.  

My two, early 20s with good starter jobs, are paying into a pension through work (one civil service I think, the other a private work pension).

my rational side wants me to tell them not to bother, they will never be able to retire.  However, this goes against the emotional side whereby I was always told to save hard for the future. 

Same with houses.  I’m telling them to save and wait for prices to drop. xD

This goes completely counter to my general advise on following the herd, but I've come to the conclusion that when the subject in question is open to heavy interference by the government, then it makes sense to put yourself in the same position as the majority of your demographic age group - on the simple basis that by the time it matters, they will form the majority of the voting electorate, and will also become the law makers and the policy makers who enact what the voting majority demand. And if there's no overwhelming majority, then simply do what the smarter ones do, on the basis that they are likely to be ones who turn out to vote, and the ones who make it into the positions of policy making.

But then you have to wonder if that strategy will make them happy. So they may have a big house and nice cars, and a mountain of debt - which leaves them too scared to take a day off or tell their boss to go fuck themselves.

Simply put, IMO the only way to have all the things you want and to still be happy is to go out and earn enough to buy them, without borrowing. So maybe my advice would just be to make a shit load of money. Easy peasy :Geek:

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1 minute ago, Melchett said:

Ahem...  I’m autistic and from Essex.

Om my map, that is the South Riding...O.o

1 minute ago, Melchett said:

Ahem...  I’m autistic and from Essex.

Yorkshire is everywhere.

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1 minute ago, MrPin said:

Om my map, that is the South Riding...O.o

Yorkshire is everywhere.

Well, I am drinking a mug of Yorkshire tea so I guess you’re right about that.

Edited by Melchett

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39 minutes ago, One percent said:

Following on from @Frank Hovis thread about debt, I thought it might be helpful to consider how to advise the young.  

My two, early 20s with good starter jobs, are paying into a pension through work (one civil service I think, the other a private work pension).

my rational side wants me to tell them not to bother, they will never be able to retire.  However, this goes against the emotional side whereby I was always told to save hard for the future. 

Same with houses.  I’m telling them to save and wait for prices to drop. xD

Why worry? They'll be living with you for the next 20 years anyway!  ;)

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1 minute ago, sarahbell said:

Yes apparently so.

You are in you mind already, t'wrong side o't Pennines. All it takes is aleap of Faith. Jesus WAS a Yorkshireman on this special day. Although he had no Harley, Just a donkey, and that proves how HORD he was.

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8 minutes ago, Sgt Hartman said:

For mine it would probably be:

Don't bother with University unless you are absolutely sure that's the path you want to follow.

99% of social media is bullshit. Don't get drawn in.

Most people are generally good though the more there are in one place, the less good they tend to be. Some people absolutely are not your friends, don't pretend that they are.

Your happy place may be outside of the country in which you were born. We will never put pressure on you to not move abroad if you want. Fuck insularity.

Wear sunscreen.

 

Like this, Sgt. Not too nannyish pr prescriptive. Is the missus in agreement though? 

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Be an individual.

Don't be constrained by convention in order to fit in or be popular as times will change.

You are only here once, so see the world. Nobody on their death bed wishes they'd spent longer at the office.

DGAF about most other people because most other people, and certainlty TPTB, won't GAF about you.

There is no such thing as a permanent job as an employee. Remember that an employer, like a partner who wants to separate, has no loyalty for what you have done, so don't give them your life.

With regard to both the above, remember that the "graveyards of Paris are full of indispensible people".

You can earn your own living, you don't have to be an employee.

You don't have to have a degree to hold your head up high.

You don't have to own a house.

But you do need to learn to how to cook from raw ingredients

Compare yourself to others in terms of happiness, and not in terms of material possessions or swank

If you find a partner and want children, have them as you will find a way whatever your circumstances.

Teach your children about the natural world as it will help them enjoy life since it is free entertainment for life.

Live as if there is no tomorrow, but set aside money for tomorrow whenever you can. And in that regard

Never by anything new if you can buy it secondhand

Never by anything secondhand if you can borrow it

Never borrow anything that you don't need.

Edited by Hopeful

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1 hour ago, One percent said:

Following on from @Frank Hovis thread about debt, I thought it might be helpful to consider how to advise the young.  

My two, early 20s with good starter jobs, are paying into a pension through work (one civil service I think, the other a private work pension).

my rational side wants me to tell them not to bother, they will never be able to retire.  However, this goes against the emotional side whereby I was always told to save hard for the future. 

Same with houses.  I’m telling them to save and wait for prices to drop. xD

I still think paying into a pension is a good thing.  It's tax efficient and there's often employer matching.

Maxing out a LISA and waiting for prices to drop could be a sensible option too.  Then if/when the time comes take advantage of HTB and similar.

I don't buy into all this there's no point in the millenials even trying, better off living off the government, they'll take all our pensions thinking.

This last 15 years, savers have lost out and the over leveraged have been protected, that wasn't something I expected.  But I still think the 'work harder than average, spend less than you earn way' will give you a decent future. Time will tell ...

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18 minutes ago, swissy_fit said:

Like this, Sgt. Not too nannyish pr prescriptive. Is the missus in agreement though? 

Pretty much, the one involving moving abroad might take some further conversaton. She's practical though and I've already got them dual citizenship to which she agreed so I'm kind of expecting them to at least give it a go!

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